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When Will The Fed Raise Rates?

Federal Reserve Chair Janet Yellen whispered ‘Bang’ but did not shoot.
-  Lou Barnes, Inman Real Estate News contributor

Treasury Note Rates

10-Year Treasury Note Rates from Feb 22 – Aug 22

Nationally, the 30-year fixed mortgage rate was hovering around 4.25% last week, the lowest level in a year, according to Bankrate.  And with the 10-year Treasury note (a proxy for mortgage rates) still hanging below 2.5% – just 2.4% at the end of last week (see chart) and even a few basis points lower now – it would seem that any significant rise in mortgage rates could be a ways off.

Note, too, that contrary to the popular opinion back in January that 10-year T notes (and, correspondingly, mortgage rates) would take off this year, that hasn’t happened.  As you can see from the chart, 10-year Treasury rates have been in decline for six months.  And, as you might expect, mortgage rates, which seem to track the 10-year notes, are going along for the ride.

So when will we see a trend reversal of rates?  According to Lou Barnes, a contributor to the real estate industry news service Inman News, a rate hike from the Fed could happen sooner rather than later, a conclusion he derives from reading between the lines of Fed Chairperson Janet Yellen’s comments at Jackson Hole last week.

Specifically, Ms Yellen noted the possibility of a rate hike “if progress in the labor market continues to be more rapid than anticipated by the Committee. …”  The use of the word “continues” implies that the labor market is already doing better than the Fed anticipated, in which case they may be closer to a rate hike than many in the market assume.

Of course, this is subject to change, particularly if geopolitical events get out of hand and the financial markets tank as a result.  In any case, the next few months should be interesting.



Fisher Queen Nets A Cool $2 Million Profit

Real Estate Edge by Mike Michalski & Sachi Fujita

Back in 2008, with the world financial markets in turmoil and the local residential real estate market in the tank, two spectacular contemporary homes designed by Aidlin Darling Design out of San Francisco debuted on the market at 1208 and 1212 Fisher Avenue in the American Martyrs area of Manhattan Beach. One of those two recently resold for a cool $2 million profit (assuming escrow closes). Read more here.

Strand Prices Continue To Surprise On The Upside

Real Estate Edge by Mike Michalski & Sachi Fujita

Whoever said “Trees don’t grow to the sky” (an old Wall Street maxim) probably hadn’t contemplated what low interest rates , low inventory and a suddenly hot destination real estate market would have on beachfront properties here in Manhattan Beach. But given all that, some sellers are making an absolute killing on the sale of their Strand lots. Read more here.

Haunted House on Anderson To Get A Makeover

Real Estate Edge by Mike Michalski & Sachi Fujita

It looks like the long-running saga of 606 Anderson Street in the Manhattan Beach Hill section will finally be entering a new chapter with its recent purchase by a prominent local home-flipper.

What Was Once Shocking Now Looks Like A Deal

Real Estate Edge by Mike Michalski & Sachi Fujita

A developer client of ours won the bidding war last November for a 40 x 135 Tree section lot. At the time, it seemed as though they paid a premium over market value. Not any more.

Oak – The Most Common Tree Street Name

Real Estate Edge by Mike Michalski & Sachi Fujita

An interesting article from the Wall Street Journal reports on a study by online residential real estate site Trulia that examines which tree names are the most popular street names in the US. Turns out over 5% of listings are on streets with tree names with the most common tree variety being oak, followed by […]

Short Goes Long After Five Years On Market, 7-Month Escrow

Real Estate Edge by Mike Michalski & Sachi Fujita

What could be one of the largest marketing campaigns for a South Redondo home finally concludes with a 7-month escrow and a huge overbid. Read more here.

That’s Some Overbid

Real Estate Edge by Mike Michalski & Sachi Fujita

A recent Hermosa Sand section sale, essentially a lot sale, garnered a lot of interest and a huge overbid to the listing price. Read more here.

You Can (Must) Walk To Everything

Real Estate Edge by Mike Michalski & Sachi Fujita

In this hot seller’s market, now is the time to unload a property that may be very desirable in most respects but which would be difficult to sell in another market for reasons having nothing to do with the home itself. We offer some examples here.

High-Priced Dirt

Real Estate Edge by Mike Michalski & Sachi Fujita

A large corner lot on Highview Avenue – 828 Highview – in the Manhattan Beach Hill section has just hit the market asking $6,350,000. That’s some high-priced dirt. We looked at this property on Friday.  The 3BR, 2079 sqft house that sits on the lot is salvageable, but barely. And, really, why would you even […]

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